In electronic trading systems that include bids and offers for items, a bid or offer that is entered by a participant may typically be entered as available (referred to alternatively hereinafter as “clear”) to trade to other participants. Nevertheless, certain known trading systems may restrict the availability to certain participant(s) under certain conditions. For example, a Bid/Offer may be available only to the current market participants, i.e., those with current commitments (bids/offers). Accordingly, preferably only those customers with current participation can hit or lift these incoming entries. Such bids/offers may be considered unclear—i.e., not available to all trading participants.
In one type of trading system, the uncleared bids become available to participants other than the current participants only after a preset or predetermined time interval has expired (tracked by a internal system clock or other suitable device).
One criteria that may affect order priority—e.g., the exclusive right of certain participants to trade on incoming orders—is the respective priority of participants following the transition from a first trading state to a second trading state. For the purposes of this application, a trading state is defined as a set of rules or conditions that govern the interaction between trading participants.
It would be desirable to provide systems and methods that further define the rules or conditions that govern the interaction between trading participants when the system transitions from one trading state to a second trading state.